By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Public Enterprise Minister discusses cooperation with Aluminium Bahrain
    Public Enterprise Minister discusses cooperation with Aluminium Bahrain
    May 28, 2023
    First Abu Dhabi Bank Egypt launches ‘Access’ portal for electronic payments
    First Abu Dhabi Bank Egypt launches ‘Access’ portal for electronic payments
    May 28, 2023
    Sorouh partners with RICON Construction to establish new projects with EGP 30bn investments
    Sorouh partners with RICON Construction to establish new projects with EGP 30bn investments
    May 28, 2023
    Egyptian property sales increase 7% in April: Aqarmap
    Egyptian property sales increase 7% in April: Aqarmap
    May 28, 2023
    Africa needs 10 million housing units annually to meet increasing demand:AFCCA
    Africa needs 10 million housing units annually to meet increasing demand:AFCCA
    May 28, 2023
  • Politics
    PoliticsShow More
    Irrigation Minister reviews preparations for upcoming Cairo Water Week
    Irrigation Minister reviews preparations for upcoming Cairo Water Week
    May 28, 2023
    Al-Sisi affirms Egypt's keenness on security, stability of Iraq
    Al-Sisi affirms Egypt’s keenness on security, stability of Iraq
    May 28, 2023
    Biden, Republican House Speaker reach ‘preliminary agreement’ on debt ceiling
    Biden, Republican House Speaker reach ‘preliminary agreement’ on debt ceiling
    May 28, 2023
    Erdoğan wins third presidential term in Turkey after tough run-off
    Erdoğan wins third presidential term in Turkey after tough run-off
    May 28, 2023
    Map of alliances affects second round of Turkish presidential election
    Map of alliances affects second round of Turkish presidential election
    May 28, 2023
  • Interviews
    InterviewsShow More
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    May 25, 2023
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    May 8, 2023
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    April 29, 2023
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    April 18, 2023
    "Al-Asly" series saw my first leading role in TV drama: Reham Abdel Ghafour
    “Al-Asly” series saw my first leading role in TV drama: Reham Abdel Ghafour
    April 16, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Finance Ministry to issue guarantees for solar projects in Aswan
Share
Notification
Latest News
Public Enterprise Minister discusses cooperation with Aluminium Bahrain
Public Enterprise Minister discusses cooperation with Aluminium Bahrain
Business
Irrigation Minister reviews preparations for upcoming Cairo Water Week
Irrigation Minister reviews preparations for upcoming Cairo Water Week
Politics Egypt
Al-Sisi affirms Egypt's keenness on security, stability of Iraq
Al-Sisi affirms Egypt’s keenness on security, stability of Iraq
Politics Egypt Region
Biden, Republican House Speaker reach ‘preliminary agreement’ on debt ceiling
Biden, Republican House Speaker reach ‘preliminary agreement’ on debt ceiling
Politics World
Erdoğan wins third presidential term in Turkey after tough run-off
Erdoğan wins third presidential term in Turkey after tough run-off
World Politics
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Energy > Finance Ministry to issue guarantees for solar projects in Aswan
Energy

Finance Ministry to issue guarantees for solar projects in Aswan

Mohamed Farag
Last updated: 2018/01/28 at 8:11 PM
By Mohamed Farag 3 Min Read
Share
SHARE

The Ministry of Electricity sent a letter to the Ministry of Finance to issue financial guarantees for 30 solar power plants companies within the second phase of the feed-in tariff programme.

Government sources told Daily News Egypt that the Ministry of Finance has completed the issuance of about 17 financial guarantees and is working to complete the issuance of 13 more to be sent to the Ministry of Electricity.

The sources added that the financial guarantees are the state provision of official guarantees to investors that ensure that the government will pay the dues of those companies in case of the Egyptian Electricity Transmission Company (EETC)’s failure to pay their dues. These guarantees are often obtained for projects put forward by the government but implemented by the private sector.

The source explained that the financial guarantees are the remaining step for companies to present their paperwork to banks to begin implementing the projects, noting that many companies are now processing permanent licenses for production of electricity.

A few weeks ago, the EETC approved the financial models submitted by 30 companies to set up solar power plants in Benban, Aswan within the second phase of the feed-in tariff programme.

The companies have received a letter to accept their financial models, and investors will begin actual actions to implement solar power plants in Benban, Aswan, with capacities of up to 1,500 MW and investments of $1.5bn.

The EETC will buy energy from the solar power plants for 25 years at 8.4 US cents per kWh. Foreign banks will fund 70% of the value of the projects, while the remaining balance will be secured through local banks or from the companies themselves.

The government launched the renewable energy feed-in tariff programme in 2014 to establish projects to produce electricity from wind farms and solar power plants at a total capacity of 4,300 MW, with investments of $7bn. This includes 2,300 MW from solar power, including 300 MW from plants that produce less than 500 kW. In addition, the programme includes 2,000 MW from wind farms.

You Might Also Like

Environment Minister meets with waste-to-energy investors 

Egypt Launches Model Conference of the States Parties to the United Nations Convention in Aswan and Aswan University 

Finance Ministry to offer 27 T-bill, bond issuances worth EGP 409.25bn in May 2023

Finance Ministry, CAO sign cooperation protocol to consolidate integration, enhance governance

Madbouly witnesses signing of $680m financial close agreement for 500MW Gulf of Suez wind farm

TAGGED: Aswan, finance ministry, solar
Share this Article
Facebook Twitter Email Print
Previous Article Minster of Industry and Trade Tarek Kabil with Duncan McCulloch, regional managing director for the Middle East and Africa at Mars Confectionery Mars launches two new chocolate production lines worth EGP 750m
Next Article Remains of oldest human outside Africa discovered
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Public Enterprise Minister discusses cooperation with Aluminium Bahrain
Public Enterprise Minister discusses cooperation with Aluminium Bahrain
Business
Irrigation Minister reviews preparations for upcoming Cairo Water Week
Irrigation Minister reviews preparations for upcoming Cairo Water Week
Politics Egypt
Al-Sisi affirms Egypt's keenness on security, stability of Iraq
Al-Sisi affirms Egypt’s keenness on security, stability of Iraq
Politics Egypt Region
Biden, Republican House Speaker reach ‘preliminary agreement’ on debt ceiling
Biden, Republican House Speaker reach ‘preliminary agreement’ on debt ceiling
Politics World
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?